Nine firms partner InterSwitch on POS, issues 1.2m debit cards

LEADING electronic trans- action switching and payments processing company, InterSwitch Limited has named nine local companies as partners for the deployment of electronic fund transfer at the Point-of-Sale (POS).

Managing Director of InterSwitch, Mr.. Mitchell Elegbe said, those
who made the list were respondents to its recent advertorial for application on Independent Service Organisation (ISOs).

He gave the names of the nine companies to include Caplink, Capital Partners Financial Products, Ecco Solutions, Electronics Playplus, ETopNG, Paycycle, PayMaster, PayStream and SWAP.

The appointment, he said, was in line to drive the nation into a cash-less society.
"Of the 13 companies hat applied, nine of them have fully met all the requirements," he said.

The appointees, Mr. Elegbe said, are now fully certified ISOs, noting that they would work in consonance with acquiring banks on the InterSwitch network in deploying online POS terminals to all merchant locations where payments are made and received.

He explained that they would also train the merchant’s employees on the use of the POS terminal and other support services as may be required from time to time.

InterSwitch boss further said that his firm would carry out transactions routing and processing in addition to effective reporting and settlement to all transacting parties and provide call center/helpdesk support as well as status information on all the terminals connected to the switch.

Mr. Elegbe said that by partnering these ISOs is to add value to
merchants via the deployment of the POS terminals is in the spirit of National Economic Empowerment and Development Strategy (NEEDS).

His firm’s strength, he said, resides in transaction switching and payment processing, just as the company has abundance mentality as far as electronic payment is concerned, which has influenced its partnering with organisations like ATMC Limited and the banks for ATM deployment.

According to him, in the last 10 months, InterSwitch has achieved substantial growth, integrating 33 banks while successfully working to expand the payment channels on its network.

This facilitated the real-time issuance of 1.2 million Nigeria debit cards on its network.
"Over 1,561,109 individual transactions have been processed by the network," he declared.

Emphasising that it is an indication Nigerians are beginning to respond favourably to basic electronic financial transactions.